Why Tax Reform Isn’t Coming Anytime Soon

Playbook: “When the White House tells us — as they did yesterday — that tax reform is going to be done by September or October, remember that neither chamber has passed a budget resolution. Tax reform is very hard without reconciliation instructions… And, if you’ve watched the squirming on, well, everything on the Hill, you wouldn’t be surprised to hear that passing a budget isn’t easy. This seems to be a bit lost on the White House. Oh, and by the way, in September and October, Congress also has to fund the government and lift the debt ceiling. This won’t be quick and painless.”